• Monthly leasing activity totaled 154,000 sq. ft., 65% below the five-year monthly average of 439,000 sq. ft.

• Year-to-date leasing activity was 1.64 million sq. ft., down 43% compared to the same period last year.

• There were no renewals recorded in May, keeping the year-to-date total at 624,000 sq. ft.

• The availability rate remained stable from last month at 12.8% and was down 40 basis points (bps) from a year ago.

• Net absorption was negative 75,000 sq. ft. in May, bringing the year-to-date total to negative 730,000 sq. ft.

• At $63.98 per sq. ft., the average asking rent was essentially flat from the prior month but was up 2% from a year ago.

• Sublease availability was 3.0%, with an average asking rent of $57.72 per sq. ft., an increase of 12% year-over-year.